"It's a great spot to do business," said project consultant Paul Welday. "That corner is a destination point for shopping and gathering."

Welday said developers would demolish Kmart's former world headquarters, which opened in 1972.

The building was vacated after Kmart Holding Corp. acquired Sears, Roebuck and Co. for $12.3 billion in 2005. The enlarged retailer was renamed Sears Holdings, and made its headquarters at Sears' home in Hoffman Estates, Ill.

The project, which requires approval from Troy officials, would be one of the biggest developments to hit Oakland County in years. Welday said part of the project that includes retail could be completed within 18 months.